on january 1 year 2 gros corporation acquired 70 of the outstanding common shares of petite company for a total cost of 84000
The equipment had an estimated useful life of 10 years as at January 1, Year 2, and the entire inventory was sold during Year 2. Selected account balances from the records of Gros and Petite for the year ended December 31, Year 6, were as follows:
